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RXT – investing USD 29 mill. in I/O seismic equipment
20 February 2007
Houston and Oslo, Norway - The multi component seismic company Reservoir Exploration Technology ASA (RXT) announced today a purchase order valued at approximately USD 29 million for its fourth VectorSeis® Ocean (VSO) seismic system from the seismic solutions provider Input/Output Inc. (I/O).
VSO is a redeployable, ocean bottom cable (OBC) seismic imaging system equipped to support full-wave (multi component) data acquisition on the seabed. The VSO system’s buoy based recorder eliminates the need for one vessel during acquisition. The 9-cable system will equip RXT’s fourth operation, which is expected to be operational in the end of fourth quarter of 2007.
- RXT is focused on further expanding our global operations and we are pleased to place the order for our fourth VSO system. VSO continues to deliver improved imaging over traditional seabed systems. Additionally, the versatility of the system has enabled us to operate in varying environments and has allowed us to go where our customers need us, regardless of the obstacles or the location, Michael Scott, CEO in RXT, comments.
- Seabed acquisition is proving to be a valuable and cost-effective solution for exploration and reservoir appraisal in areas having complex geology or high development costs. As a result of a close partnership with RXT, we have identified valuable ways to advance the performance of the VSO acquisition system. RXT brings a wealth of knowledge about seabed operations to the table, Chuck Ledet, Senior Vice President of the Marine Imaging Systems Division at I/O, comments.
In 2005, I/O and RXT jointly announced the signing of a multi-year agreement that provided RXT with worldwide exclusivity subject to future purchase commitments. With the placement of this purchase order, RXT maintains their exclusive access to VSO through the end of 2007.
Media contact:
Odd Erik Rudshaug
CFO
+47 67828517
odd.erik.rudshaug@rxt.com
About RXT
Reservoir Exploration Technology ASA (RXT) is a marine geophysical company specializing in multi component seismic sea-floor acquisition. Multi component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for exploration, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, London and Houston. RXT is listed on the stock exchange in Norway (OSE ticker: RXT). Additional information is available at www.rxt.com.
About I/O
I/O is a leading, technology-focused seismic solutions provider. The company provides cutting-edge seismic acquisition equipment, software, planning and seismic processing services and data libraries to the global oil and gas industry. I/O's technologies are applied in both land and marine environments, in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse (4D) reservoir monitoring and full-wave imaging. Headquartered in Houston, Texas, I/O has regional offices in Canada, Latin America, Europe, China, Russia, Africa and the Middle East. Additional information is available at www.i-o.com.